Digital payments firm Stripe has introduced a fiat-to-crypto onramp to facilitate payments for Web3 companies.

The onramp, which is a customisable widget that developers can embed directly into their decentralised exchange (DEX), non-fungible token (NFT) platform, wallet, or decentralised app (dApp), allows crypto firm customers to buy such currencies through Web3 apps.

It is designed to help Web3 developers with various issues, including know-your-customer (KYC), payments, fraud and compliance.

It also aims to eliminate the need of combining various third-party services.

In addition, the onramp, which can be integrated with ten lines of code, provides its users with improved checkout, conversion and instant crypto settlement.

Users can save the details of their payment and identity data to Stripe’s Link service in order to avail instant one-click checkout for their future transactions on Link-driven Stripe platform.

In a blog post, Stripe said: “Today, it’s extremely difficult to get end users ‘on chain’—that is, to fund their wallets with the crypto required to interface with Web3 applications.

“Developers have to wrestle with rampant fraud; navigate complex KYC requirements; and somehow still offer a seamless, high-conversion payments experience so that their users can actually use their Web3 applications.

“We built our fiat-to-crypto onramp to remove this complexity.”

Currently, several firm, such as Audius, a blockchain-driven music streaming platform, Magic Eden and Argent, are using the onramp.

The latest development comes shortly after Stripe revealed its plan to lay-off around 14% of its employees to reduce costs.